A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Engineering. Johannesburg, 2017 / The period from 2006 to 2015 was a turbulent one for mining companies. The end of the 2000s commodity super cycle resulted in all-time high market values for most commodity based companies, followed by a rapid decline in value with the onset of the Global Financial Crisis in 2008 and a similar rapid recovery following this. Whilst much of this change in value was driven by commodity prices, the inconsistent performance between companies suggests that there are other factors affecting mining company value. To determine the key drivers of company value, four diversified and international mining companies which represent close to 50% of the 2006 industry revenue were selected for analysis. These were Anglo American, BHP Billiton, Rio Tinto and CVRD-Vale. Financial and production data was collected to analyse different potential value drivers. Because of its suitability for comparison of company value, the market based valuation approach was selected as the company valuation technique. Enterprise value (EV) was the metric used for company value since this provides a measure of the real market value of a firm as a whole business. Eight potential value drivers, which include production output, commodity price, revenue, EBITDA margin, EBITDA multiple, gearing ratio, net debt to EBITDA ratio and ROCE, were selected for analysis. Each potential value driver was tracked against EV to determine if there was any correlation between the value driver and EV. Also, the Pearson correlation method was used to determine correlation between each potential value driver and EV. Production output and commodity price in isolation were found not to drive company value. However, when combined to calculate revenue, had a very high correlation to EV with an average Pearson coefficient of 0.8. EBITDA multiple was also found to be a key driver of company value, with this metric closely aligned to revenue (Pearson coefficient of 0.6). The two debt metrics, gearing ratio and net debt to EBITDA were found to only have a correlation to EV in times of declining commodity prices and revenue. EBITDA margin and ROCE were found to have no correlation to EV and as such were not considered to be key drivers of company value. Mining companies must ensure that they focus on the correct value drivers to ensure those they influence do impact the company value. / MT 2017

A Governança Corporativa, por meio de um conjunto de mecanismos, representa uma ferramenta poderosa capaz de alavancar, satisfatoriamente, o desempenho econômico-financeiro das empresas, bem como o caminho pelo qual os fornecedores de recursos financeiros dessas empresas se asseguram de que terão retornos de seus investimentos. Porém, o aprimoramento dos padrões legais de governança corporativa de um país, geralmente, enfrenta obstáculos que o torna moroso diante do dinamismo e exigências do mercado atual, razão pela qual alguns mercados foram obrigados a criar mecanismos de adesão voluntária a melhores práticas de governança por parte das empresas. Seguindo uma tendência mundial, o mercado brasileiro implantou, em dezembro de 2000, os contratos privados entre a BOVESPA e as companhias abertas, contemplando compromissos de práticas adicionais de governança corporativa, o que representa uma alternativa às reformas legislativas pertinentes ao assunto. Nesse sentido, o objetivo desta pesquisa concentra-se em analisar se houve mudança significativa na rentabilidade e valor total de mercado das companhias, após adesão ao Novo Mercado, Nível 2 ou Nível 1 de Governança Corporativa da BOVESPA. Trata-se de um estudo empírico-analítico, em que três variáveis foram testadas estatisticamente: Retorno do Ativo (ROA), Retorno do Patrimônio Líquido (ROE) e Valor Total de Mercado da Empresa (TQ), utilizando-se do Teste t (paramétrico) e do Teste de Wilcoxon (não-paramétrico) para teste de significância de médias. Os resultados indicaram que, quando analisadas em conjunto, verificou-se uma mudança significativa positiva no retorno médio do Ativo, retorno médio do Patrimônio Líquido e valor médio das empresas, após a referida adesão. Por outro lado, quando analisadas individualmente, 63,64% dos casos convergiram para aceitação da hipótese de que houve mudança significativa positiva no valor da empresa; entretanto, para o retorno do Ativo e do Patrimônio Líquido, apenas 27,27% e 31,82% dos casos individuais foram convergentes com a análise conjunta, respectivamente. Ressalte-se, porém, que existem outras variáveis micro e macroeconômicas que impactam na rentabilidade e no valor das companhias, e não apenas o motivo da adesão, conforme ratificado por uma análise comparativa realizada com um grupo de controle. Todos os resultados desta pesquisa consideraram um nível de confiança de 95% e respectivo nível de significância de 5%. Contudo, tendo em vista os testes estatísticos terem uma amostragem não probabilística subjacente, os resultados encontrados são extensivos, apenas, às companhias listadas nos três níveis de governança corporativa da BOVESPA. / By means of a set of devices, corporate governance represents a powerful instrument, capable of satisfactorily enhancing the economic and financial performance of enterprises, as well as the way through which suppliers of financial resources to these enterprises make sure they will have return on their investments. However, the refinement of the legal patterns of corporate governance of a country are usually faced with many obstacles, what slows the process that cannot meet the demands of the modern and dynamic market, which in turn urges some markets to create mechanisms of voluntary compliance of enterprises with the best practices of governance. Following a world trend, in December 2000 the Brazilian market implemented the private contracts between the São Paulo Stock Exchange (BOVESPA) and the quoted companies, which referred to agreements on further practice of corporate governance by the enterprises; this represents an alternative to the legislative reform on the subject matter. Thus, the aim of this research focuses on analyzing whether there has been a significant change in the profitability or in the market value of these companies after compliance to the New Market (Novo Mercado), Level 2 or Level 1 of Corporate Governance of BOVESPA. It is an empirical-analytical study, in which three variables were statistically tested: Return on Assets (ROA), Return on Equity (ROE), and Enterprise Total Market Value (TQ). The study used Test t (parametric) and Wilcoxon (non-parametric) for the test of average significance. The results show that, after compliance, once analysis was carried out taking into account the group, there was a significant positive change in the average return on Assets, average return on Equity and average value of enterprise. On the other hand, when analyzed individually, 63,64% of the cases revealed an agreement with the hypothesis that there was significant positive change in the value of the company, however, as far as return on Assets and on Equity go, only 27,27% and 31,82% respectively of the individual cases were in agreement with the group analysis. It is important, though, to call the attention to the fact that not only compliance, but also micro and macroeconomic variables place an impact on the profitability of enterprises, as shown in the comparative analysis carried out with the control group. All the results in this research took into account reliability level of 95% and significance level of 5%. However, taking into consideration that the statistic tests have an underlying non-probabilistic sample, the results refer solely to the companies listed in the three levels of corporate governance of BOVESPA.

The subject of this thesis is the financial analysis of the company Plzeňský Prazdroj, a.s. The aim of the thesis is to show complex view on the financial situation of the company using the external data, mainly from the financial statements. The thesis includes theoretical explanation of the financial analysis tools that are applied later in the practical part. It includes the horizontal and vertical analysis, ratio analysis, analysis of working capital and cash flow, bankruptcy prediction models, calculation of economic value added and intercompany comparison.

Orientador: Fernando Augusto Silva Marins / Coorientador: Aneirson Francisco da Silva / Coorientador: Fernando César Mendes Barbosa / Banca: Valério Antonio Pamplona Salomon / Banca: Fabrício Maciel Gomes / Resumo: O transporte escolar rural é considerado, por muitos pesquisadores, um problema complexo, em razão dos altos custos, ineficiência na prestação dos serviços, restrições de segurança, rotas múltiplas e incertezas quanto ao número diário de passageiros, entre outros problemas. Por se tratar de um sistema que exige muitos recursos, seus custos merecem destaque. Nesse contexto, o objetivo deste trabalho é contribuir ao planejamento da etapa técnico-financeira do transporte escolar rural do Instituto Federal de Roraima, Campus Novo Paraíso (IFRR/CNP). As rotas típicas do ônibus escolar incluem a coleta dos alunos pela manhã, em diferentes trajetos municipais e intermunicipais, e no final da tarde o retorno pelo mesmo percurso deixando os alunos próximos às suas casas. As dificuldades são várias, como tempo muito longo de deslocamento dos alunos, lugares ociosos nos ônibus alocados ao transporte, custos elevados, entre outros. O método adotado no trabalho foi a pesquisa-ação, sendo qualitativa a forma de abordar o problema, a natureza da pesquisa caracteriza-se como sendo aplicada, e o quanto aos objetivos, caracteriza-se como uma pesquisa descritiva empírico-normativa. Os resultados obtidos com este estudo, mostraram-se relevantes para sua aplicação, uma vez que a sistemática proposta pelo Geipot, permitiu a identificação e simulação dos custos aplicados aos diferentes tipos de veículos, possibilitando a flexibilização na substituição do veículo contratado pelo mais vantajoso, demo... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: Rural school transport is considered by many researchers, a complex problem due to high costs, inefficiency in providing services, safety restrictions, multiple routes and uncertainties regarding the daily number of passengers, among other problems. Because it is a system that requires a lot of resources, its costs require special mention. In this context, the objective of this work is to contribute to the planning of the technical-financial stage of rural school transportation of the Federal Institute of Roraima, Campus Novo Paraiso (IFRR / CNP). Typical school bus routes include students taking in the morning, in different municipal and intermunicipal routes, and by the end of the afternoon return by the same route leaving students close to their homes. The difficulties are many, such as very long time of student displacement, idle places on buses allocated to transportation, high costs, among others. The method adopted in this work was the action research, being qualitative the way to approach the problem, the nature of the research is characterized as being applied, and the objectives, is characterized as a descriptive empirical-normative research. The results obtained with this study were relevant for its application, since the system proposed by Geipot allowed the identification and simulation of the costs applied to the different types of vehicles, allowing the flexibilization in the replacement of the vehicle contracted by the most advantageous, demonstrating efficiency in obtaining the results and in the expenditures made by the public administration. As an important additional result, it was verified that there are advantages and disadvantages in the current contract, being the public manager the decision to change the contract / Mestre

Artifacts made of durable materials, such as stone, can provide valuable clues to reconstruct the past. Marble sourcing, in particular,provides information about contact, trade, and other activities in the greater Mediterranean area. The Worcester Art Museum of Massachusetts (WAM) initiated a provenance study by requesting that an analysis of several marble artifacts occur at the University of South Florida's Archaeological Science Laboratory. The 55 marble samples used in this study are from the Worcester Art Museum's collection of Antioch mosaics. Positive results might reveal: 1) preferred sources of tesserae, 2) information about trade of specialized stone, 3) changes in preferred sources during different chronological periods, and 4) workshop preferences. The requested analysis had two objectives. First, once the provenance of the materials is determined, then the results could reveal meaning behind the images contained within the mosaic floor. Second, the results could reveal new trade routes in the Mediterranean. The first step in this analysis was X-ray diffraction (XRD),which differentiates dolomite and calcite marbles. The second step used stable isotope ratio analysis (SIRA), which measures carbon-13 and oxygen-18 isotopic ratios. These two steps have helped to identify Mediterranean marble sources in previous studies. Most of the ancient Mediterranean marble sources have been identified. They have different isotopic values and other characteristics that allow for differentiation. Only one source of dolomite marble exists, which is located in the eastern Mediterranean. It has been identified through XRD in previous studies. Many of the calcite marble sources have different carbon and oxygen isotopic values, which were provided from the SIRA. Those marble artifacts with overlapping carbon and oxygen values can be further analyzed using archaeological, historical, and other information and by using other scientific techniques including cathodoluminescence, electron paramagnetic resonance, and strontium isotope analysis. This thesis discusses the methods used to prepare the samples and analysis conduction; it also discusses the results of the analyses, and presents interpretations regarding the provenance and trade of the marble used for mosaics at Antioch. The results of the SIRA and XRD analysis showed that the materials used for mosaic tesserae come from a variety of sources. Although no definitive matches were found, the results provide the basis for the collection of a colored marble database of sources and artifacts.

<p>Fundamental analysts use basic fundamentals, which generally based on available public information, to determine a firm’s intrinsic value. Forecasting future performance is one of the key elements for doing fundamental analysis, and historical results are the foundation for future forecast.</p><p>The analysis of this study is conducted into two sections with case studies in the airline business. Firstly, financial ratios are analyzed to examine whether low-cost or traditional airlines better perform their operations during a certain period. The other section is undertaking fundamental analysis of the case studies to evaluate current stock prices of representative airlines based on the potential future forecast. The model using for this valuation is the Residual Earnings Model. Key assumptions of future forecasts are mainly based on their historical ratios. Other related factor such as the gross domestic product (GDP) is included in forecasting sales growth rate because it is one of the key influences in the airline business.</p><p>For ratio analysis, the findings suggest that low-cost airlines perform better operations based on five years average. However, the traditional airlines improve their performances significantly in the latest fiscal year. For equity valuation, the findings show that estimates of equity values of the airlines yield inconsistent results comparing to their stock prices. Possible reasons of the difference might be the improvement in key financial ratios of the airlines.</p>

<p>Background: During the year 2002 approximately 27 000 people lost their jobs because of companies filing for bancruptcy. In 2002 the number of companies filing for bancruptcy in Sweden were 6740. This is approximately twice as many as in the year of 1974 when the first major study concerning bancruptcies in Sweden was carried out. The accumulated amount of unpaid bancruptcy claims for the period 1991 – 1997 was 51 billion SEK. Several swedish banks estimates that approximately one third of these bancruptcies could be avoided. </p><p>Purpose: Create a checklist for issuing- and evaluation of company loans. </p><p>Execution: Only financial information available in annual reports have been used in this study. A targetpopulation with companies filing for bancruptcy in the year 2001 has been derived. The targetpopulation has been evaluated in comparison with a controlpopulation for the same period of time. </p><p>Outcome: Two variables, high long term liabilities to total assets and a low degree of equity to total assets, showed high predictability five years prior to bancruptcy. According to our study there are four variables useful for prediction of financial distress two to three years prior to bancruptcy. (1) An increased degree of long term liabilities to total assets, (2) a decrease in untaxed reserves, (3) decreasing profitability more than two years in a row from a already low level and (4) an increase in assets financed with long term liabilities.</p>

<p>The thesis applies performance evaluation of pharmaceutical company in Bangladesh. It means evaluate how well the company performs. The main aim is achieved through ratio analysis of two pharmaceutical (Beximco and Square pharmaceutical) companies in Bangladesh. The main data collection from the annual financial reports on Beximco and square pharmaceutical companies in 2007 to 2008.Different financial ratio are evaluated such liquidity ratios, asset management ratios, profitability ratios, market value ratios, debt management ratios and finally measure the best performance between two companies. The mathematical calculation was establish for ratio analysis between two companies from 2007-2008.It is most important factors for performance evaluation. The graphical analysis and comparisons are applies between two companies for measurement of all types of financial ratio analysis. Liquidity ratio is conveying the ability to repay short-term creditors and it total cash. It determines perform of short term creditor of both pharmaceutical companies under the three categories such as current ratio, quick ratio and cash ratio. Asset management ratio is measurement how to effectively a company to use and controls its assets. Its also quantify into seven categories for both pharmaceutical companies such as account receivable turnover, average collection period, inventory turnover, account payable turnover ,account payable turnover in days ,fixed asset turnover ,total asset turnover. Profitability ratio is evaluate how well a company is performing by analyzing and how profit was earned relative to sales, total assets and net worth for both pharmaceutical companies. Debt coverage ratio is performing that the property insufficient to collect their mortgage for both companies and market value is perform the stockholder to analysis their future market value of the stock market. Overall analyses are measurement the best one between Beximco and Square pharmaceutical companies.</p>

Background: During the year 2002 approximately 27 000 people lost their jobs because of companies filing for bancruptcy. In 2002 the number of companies filing for bancruptcy in Sweden were 6740. This is approximately twice as many as in the year of 1974 when the first major study concerning bancruptcies in Sweden was carried out. The accumulated amount of unpaid bancruptcy claims for the period 1991 – 1997 was 51 billion SEK. Several swedish banks estimates that approximately one third of these bancruptcies could be avoided. Purpose: Create a checklist for issuing- and evaluation of company loans. Execution: Only financial information available in annual reports have been used in this study. A targetpopulation with companies filing for bancruptcy in the year 2001 has been derived. The targetpopulation has been evaluated in comparison with a controlpopulation for the same period of time. Outcome: Two variables, high long term liabilities to total assets and a low degree of equity to total assets, showed high predictability five years prior to bancruptcy. According to our study there are four variables useful for prediction of financial distress two to three years prior to bancruptcy. (1) An increased degree of long term liabilities to total assets, (2) a decrease in untaxed reserves, (3) decreasing profitability more than two years in a row from a already low level and (4) an increase in assets financed with long term liabilities.

The thesis applies performance evaluation of pharmaceutical company in Bangladesh. It means evaluate how well the company performs. The main aim is achieved through ratio analysis of two pharmaceutical (Beximco and Square pharmaceutical) companies in Bangladesh. The main data collection from the annual financial reports on Beximco and square pharmaceutical companies in 2007 to 2008.Different financial ratio are evaluated such liquidity ratios, asset management ratios, profitability ratios, market value ratios, debt management ratios and finally measure the best performance between two companies. The mathematical calculation was establish for ratio analysis between two companies from 2007-2008.It is most important factors for performance evaluation. The graphical analysis and comparisons are applies between two companies for measurement of all types of financial ratio analysis. Liquidity ratio is conveying the ability to repay short-term creditors and it total cash. It determines perform of short term creditor of both pharmaceutical companies under the three categories such as current ratio, quick ratio and cash ratio. Asset management ratio is measurement how to effectively a company to use and controls its assets. Its also quantify into seven categories for both pharmaceutical companies such as account receivable turnover, average collection period, inventory turnover, account payable turnover ,account payable turnover in days ,fixed asset turnover ,total asset turnover. Profitability ratio is evaluate how well a company is performing by analyzing and how profit was earned relative to sales, total assets and net worth for both pharmaceutical companies. Debt coverage ratio is performing that the property insufficient to collect their mortgage for both companies and market value is perform the stockholder to analysis their future market value of the stock market. Overall analyses are measurement the best one between Beximco and Square pharmaceutical companies.